Lee Siegel, an author who defaulted on his student loan debts, appeared on CNBC’s morning talk show “Squawk Box” on Monday to defend his choice. It would have been hard for him to find a less sympathetic audience.
Facing the finance program’s three co-hosts, Siegel presented an argument rooted in the world of business: Many of the country’s most famous multimillionaires, including Donald Trump and Ahmed Zayat, the owner of Triple Crown-winning horse American Pharaoh, have declared bankruptcy. So why, he asked, is it only an issue of morality when it comes to students?
The short answer from the hosts: It just is.